The Commission has become aware that on the 20 December 2018, Qudos Insurance A/S ("Qudos") of Købmagergade 22, 1st floor, DK-1150 Copenhagen K, Denmark was declared bankrupt by the Maritme and Commerical Court in Copenhagen.
Qudos is an insurance firm authorised and regulated by the Danish Financial Services Authority, and was classed as a recognised insurer by the Commission. Recognised insurer status is based on the territory in which the insurer is established and regulated. The Commission publishes a list of territories which are, amongst other factors, considered to have adequate policyholder protection.
Further information on recognised insurers is available on the Commission's website - https://www.gfsc.gg/industry-sectors/type-insurance-entity/recognised-insurers-including-authorised-motor-insurers
The Commission understands that Qudos has policyholders in the Bailiwick of Guernsey. The policies offered by Qudos in the Bailiwick were those policies offered with a motor vehicle purchase, such as guaranteed asset protection insurance (GAP), alloy wheel protection and excess protection.
Bailiwick residents who have purchased products similar to those above are encouraged to check their policy and identify the insurer. Please note that policies may be branded for specific providers, and the underlying insurer will be identified in the policy wording.
Qudos policyholders should contact their insurance broker or the firm who sold them their policy in the first instance. Qudos has also provided contact information on their website for queries from policyholders.
Further information and updates regarding Qudos can be found on the following websites:
Qudos Insurance A/S
Danish Financial Services Authority
Danish Guarantee Fund
UK Financial Services Compensation Scheme